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For Immediate Release
Contact:
Leslie Valpey
916-329-4500
lvalpey@thomasent.com
(April 23, 2009)
Thomas Enterprises, the developer of the 240-acre
Sacramento Railyards, announced today that it will immediately begin
construction on the initial infrastructure phase of the project
presenting tremendous opportunity for job creation during a severe
economic downturn. In response to the announcement, Sacramento’s
Mayor Kevin Johnson stated that “Today represents the awakening of a
historic sleeping giant that has lay dormant for decades. This
project recaptures the creativity that stimulated pioneers to connect
the east and the west over steel tracks.” Upon hearing the news,
State Treasurer Bill Lockyer said "The Railyards project is an economic
and environmental boon to Sacramento. After cleaning years of
pollution and neglect from the land, it will create jobs, provide
housing, and infuse much needed dollars into the local economy.
I’m glad my office could play a part in making this outstanding project
a reality."
Today’s grading work is the first phase in completing significant
roadway projects that include Railyards Boulevard, Fifth Street, Sixth
Street, and two bridges and viaducts on Fifth and Sixth Streets opening
arterial access to The Railyards. These projects will complement
the Track Relocation Project, the historic shops abatement and
rehabilitation, and the Jibboom/Bercut/Richards Boulevard work
currently undergoing design. Funded by a combination of federal,
state, and local funds, these combined projects that currently employ
hundreds will produce approximately 3,000 jobs over time. This
construction work comes as Sacramento copes with an unemployment rate
of 11.3% in a region that has lost 44,600 jobs in past year.
According to a study commissioned by the City of Sacramento, Economic
& Planning Systems reported that The Railyards will have an annual
economic impact of $2.7 billion dollars per year at buildout. In
addition the project will create 56,000 construction jobs and 19,200
permanent jobs.
As a large, multi-phased, brownfield infill project, the Railyards
development will complement, integrate and connect to the existing
downtown. The Railyards will create a vibrant new neighborhood of
mixed-use, high density housing with entertainment and retail venues, a
transportation hub, offices, open space and cultural offerings in a
setting that celebrates the connection to our historic past as the
birthplace of the western terminus of the Transcontinental
Railroad. The development will be anchored by a new
state-of-the-art intermodal transportation facility to be built by the
City of Sacramento.
The groundbreaking ceremony is to be attended by Sacramento Mayor Kevin
Johnson, and other federal, state and local dignitaries, along with
representatives of Thomas Enterprises. Suheil Totah, Vice
President of Development for Thomas Enterprises, stated “With the
movement of this historic dirt, we will plant a seed that will blossom
for generations to come. We have an opportunity to cultivate this
treasure and reap unimaginable returns. This is a great day for
our great city.”
With the news of today’s groundbreaking, Thomas has opened the gates to
developing a world-class downtown, befitting the capital of the state
of California.
For more information visit www.sacramentorailyards.com
Thomas Enterprise is an Atlanta based real
estate development company known for its innovative real estate
projects. In the last decade, Thomas Enterprise has developed in excess
of 20 million square feet of commercial/retail projects valued at more
than $2 billion.
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